Legal Question in Wills and Trusts in Georgia
Inherited Property
My fiance's father passed away 2 years ago. He had 10 acres of undeveloped land in NC that was left in his will evenly to his 9 children. The executor (my fiance's sister) sold the land last week. She is saying that no one will see any of the money until next year because she has to pay capital gains tax on it. Wouldn't each individual pay the taxes on it when they receive their portion? Is there a way for me to figure the amount of the taxes? Please help...it is really starting to look like my fiance's sister is screwing everyone.
2 Answers from Attorneys
Re: Inherited Property
Consult with local attorney ASAP. Unless the Will authorized the executor to do so, she ordinarily would have no right to sell the property.
Re: Inherited Property
There was no need to sell the land. Also there would have been a step up in basis on the land at your father's death. The capital gains would be on the gain in value of the land since the date of death and the date the land was sold. It is doubtful that the land could have gone up in value in this real estate climate such that there would have been very much if any gain. An additional issue is there would have been no capital gain if the land had not been sold.
You need to get an attorney that is knowledgeable about probate to protect your interest.
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